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There was mild drama on Tuesday in the Senate over the management of over $3.8 billion fuel subsidy fund by the Nigeria National Petroleum Corporation (NNPC).
Senators were at each others throat following accusations and counter accusations of alleged compromise in their line of duty.
There was also allegation of subterranean plot to source campaign funds from the oil behemoth.
Senate Minority Leader, Senator Biodun Olujimi, sparked the controversy when she raised the alarm over alleged mismanagement of huge subsidy fund.
Olujimi (EkitiSouth) told her colleagues that it was dangerous to allow just two people in NNPC, the Group Managing Director (GMD) and the Executive Director in charge of Finance, as the sole controllers of huge subsidy fund.
The fund, she said, has been curiously renamed “Fuel Subsidy Under-Recovery Fund” for a purpose that has not been explained to Nigerians.
She recalled that NNPC has been severally requested to submit subsidy budget to the National Assembly for consideration and approval.

There was mild drama on Tuesday in the Senate over the management of over $3.8 billion fuel subsidy fund by the Nigeria National Petroleum Corporation (NNPC).
Senators were at each others throat following accusations and counter accusations of alleged compromise in their line of duty.
There was also allegation of subterranean plot to source campaign funds from the oil behemoth.
Senate Minority Leader, Senator Biodun Olujimi, sparked the controversy when she raised the alarm over alleged mismanagement of huge subsidy fund.
Olujimi (EkitiSouth) told her colleagues that it was dangerous to allow just two people in NNPC, the Group Managing Director (GMD) and the Executive Director in charge of Finance, as the sole controllers of huge subsidy fund.
The fund, she said, has been curiously renamed “Fuel Subsidy Under-Recovery Fund” for a purpose that has not been explained to Nigerians.
She recalled that NNPC has been severally requested to submit subsidy budget to the National Assembly for consideration and approval.

The Senate on Tuesday began investigation into the alleged mismanagement of over $3.8 billion fuel subsidy fund by the Nigeria National Petroleum Corporation.
The Senate’s decision was sequel to a point of order raised by Senator Biodun Olujinmi, the Minority Leader of the Senate.
Olujinmi told her colleagues that it was dangerous to allow just two people in the NNPC, the Group Managing Director and the Executive Director in charge of Finance, as the sole controllers of huge subsidy fund.
She recalled that the NNPC had been requested several timesto submit subsidy budget to the National Assembly for consideration and approval.
Olujimi said: “I need to bring this issue to the attention of the Senate.
“The NNPC is operating an illegal fund on subsidy.
“As a Senate, we are the true representatives of the people.
“We cannot sit back and allow this to continue to happen.
“I am bringing this to the attention of the Senate so that we can look at the issue.
“Let the various committees, especially the Senate Committee on Petroleum (Downstream), look into this issue.
“Let them investigate and tell us what the position on ground is.”
However, there was mild drama between Senator KabirMarafa and Senator Ali Ndume over which committee should investigate the allegation.
The drama between the two northern Senators started when the President of the Senate, Dr. Abubakar Bukola Saraki, in his ruling mandated the Senate Leader, Ahmed Lawan, and Marafa, the Chairman of the Senate Committee on Downstream, to summon those in the NNPC who are responsible and “come back to us in four days on a report that we can all debate”.
But Ndume, the former Leader of the Senate, raised objection on the resolution, alleging that the Senate Committee on Downstream, led by Marafa, might have been compromised.
Infuriated by the submission of Ndume, Marafa, who came through point of order, kicked against the allegation.
Citing other order 53, after the resolution, Marafa said: “I have no problem if we are even asked the committee of downstream to step aside totally or if it is the wish of the committee of selection that is responsible for appointing the various committees, that the committee of downstream be dissolved today.
“I have no problem with that.
“I equally have no offence with the submission of Senator Ali Ndume.
“But I have serious exception when he said that the committee compromised.
“Let it be on record that this Senate split the committee into two of public accounts to look into this issue of subsidy, while the downstream sector was given the responsibility of looking into the volumes on this same matter.
“For somebody to come out and say, with due respect, that I am managing subsidy programme, that is incorrect.
“Let all these committees, including the ones held by some people before now, be subjected to scrutiny.
“I have no problem with that.
“But for this Senate to now leave another ad hoc committee to look into the issue of subsidy, it’s like some people are looking for campaign money and I don’t think that’s the best way to get it.”
Saraki asked Marafa to apologise for using offensive words, which he did.
Ndume also apologised to his colleague but insisted he only retorted the words of another senator.
At the end of the debate, the lawmakers agreed to set up an ad-hoc committee to look into the matter.

This video is a part of Conservation Strategy Fund's collection of environmental economic lessons and was made possible thanks to the support of the Gordon and Betty Moore Foundation and the Marcia BradyTuckerFoundation. This series is for individuals who want to learn - or review - the basic economics of conservation. This video looks at subsidies and taxes in the fishery industry and how it effects the fisherman's incentives. The Fisheries Economics & Policy series will cover management strategies to preserve fishing in the long term and will include concepts such as open access, common pool resources, tragedy of the commons, maximum economic yield, taxes and subsidies, reducing effort, territorial use rights, transferable quotas and externalities.
To follow this series, subscribe to our YouTube channel. For more information on these and other trainings from Conservation Strategy Fund, check out: http://www.conservation-strategy.org/
For copyright information on all sound effects, see http://www.conservation-strategy.org/en/page/csf-economic-video-lessons-sound-references

published:16 Jan 2015

views:10160

THE SENATE IS SET TO COMMENCE INVESTIGATION INTO A $3.5 BILLION BUDGET RECOVERY FUND ALLEGEDLY SPENT BY THE NIGERIA NATIONAL PETROLEUM CORPORATION (NNPC) WITHOUT APPROVAL.
THE UPPER CHAMBER RESOLVED TO SET UP AN ADHOC COMMITTEE TO INVESTIGATE SUBSIDY RECOVERY FUND BEING MANAGED BY THE NIGERIAN NATIONAL PETROLEUM CORPORATION.

published:16 Oct 2018

views:261

This presentation covers the 2014 Public Housing Operating Fund program funding process. An overview will be provided of the guidance notice, "Public Housing Operating Subsidy Eligibility Calculations for Calendar Year 2014." Additionally, an description of highlights and changes to the funding data collection process will be discussed.
Agenda:
I. Introduction and Overview of Presentation
II. Highlights of Processing Notice for 2014
III. 2014 Operating Fund Subsidy Process

Lake City, Florida

Lake City is the county seat of Columbia County, Florida, United States. As of the 2010 census, the city's population was 12,046. It is the principal city of the Lake City Micropolitan Statistical Area, which is composed of Columbia County, and had a 2010 population of 67,531. The city's sesquicentennial was held in 2009.

History

The site of Lake City was a Seminole village named Alpata Telophka or Hvlpvtv Tvlofv, meaning "Alligator Village". By 1830, a Euro-American town called Alligator was established, adjacent to the Seminole town. The city was incorporated and changed to its current name in 1859. The name was changed because the mayor's wife, who had recently moved to the town, refused to hang her lace curtains in a town named Alligator. Local bodies of water include Lake DeSoto, Lake Isabella, Alligator Lake, Lake Hamburg, Gwen Lake, Lake Harper and Watertown Lake.

The Civil WarBattle of Olustee took place east of Lake City, near Olustee in Baker County, in February 1864. It was the only major battle in Florida during the war. Union casualties were 1,861 men killed, wounded or missing; Confederate casualties were 946 killed, wounded or missing. The Confederate dead were buried in Lake City.

National Assembly (Niger)

The unicameralNational Assembly (Assemblée Nationale) is Niger's sole legislative body. The National Assembly may propose laws and is required to approve all legislation.

History

The National Assembly was established through reforms of the Colony of Niger's Constituent Council during the French colonial period. It operated from 1958, through independence in 1960, until the 1974 Nigerien coup d'état. During the course of military rule (1974–1991) a consultative body (the High Council of the Republic of Niger) was reformed to become analogous to a National Assembly. This functioned as a caretaker National Assembly during the Constitutional Convention period of the Second Republic (1991–1993) and was reconstituted as the National Assembly in the Third Republic (1993–1996). Following the 1996 Nigerien coup d'état the National Assembly was again suspended, and reinstituted in 1997 under the Fourth Republic. Again, following the 1999 Nigerien coup d'état, the National Assembly was suspended, but this time was reconstituted within the year under the Fifth Republic. (1999–present)

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Drama as Ali Ndume, Marafa clash over $3.5 billion NNPC subsidy fund

There was mild drama on Tuesday in the Senate over the management of over $3.8 billion fuel subsidy fund by the Nigeria National Petroleum Corporation (NNPC).
Senators were at each others throat following accusations and counter accusations of alleged compromise in their line of duty.
There was also allegation of subterranean plot to source campaign funds from the oil behemoth.
Senate Minority Leader, Senator Biodun Olujimi, sparked the controversy when she raised the alarm over alleged mismanagement of huge subsidy fund.
Olujimi (EkitiSouth) told her colleagues that it was dangerous to allow just two people in NNPC, the Group Managing Director (GMD) and the Executive Director in charge of Finance, as the sole controllers of huge subsidy fund.
The fund, she said, has been curiously renamed “Fuel Subsidy Under-Recovery Fund” for a purpose that has not been explained to Nigerians.
She recalled that NNPC has been severally requested to submit subsidy budget to the National Assembly for consideration and approval.

Drama as Senator alleges: $3.5b subsidy fund managed by two individuals at NNPC

Drama as Senator alleges: $3.5b subsidy fund managed by two individuals at NNPC

Drama as Senator alleges: $3.5b subsidy fund managed by two individuals at NNPC

There was mild drama on Tuesday in the Senate over the management of over $3.8 billion fuel subsidy fund by the Nigeria National Petroleum Corporation (NNPC).
Senators were at each others throat following accusations and counter accusations of alleged compromise in their line of duty.
There was also allegation of subterranean plot to source campaign funds from the oil behemoth.
Senate Minority Leader, Senator Biodun Olujimi, sparked the controversy when she raised the alarm over alleged mismanagement of huge subsidy fund.
Olujimi (EkitiSouth) told her colleagues that it was dangerous to allow just two people in NNPC, the Group Managing Director (GMD) and the Executive Director in charge of Finance, as the sole controllers of huge subsidy fund.
The fund, she said, has been curiously renamed “Fuel Subsidy Under-Recovery Fund” for a purpose that has not been explained to Nigerians.
She recalled that NNPC has been severally requested to submit subsidy budget to the National Assembly for consideration and approval.

$3.5 billion NNPC subsidy fund causes heated argument in Senate

The Senate on Tuesday began investigation into the alleged mismanagement of over $3.8 billion fuel subsidy fund by the Nigeria National Petroleum Corporation.
The Senate’s decision was sequel to a point of order raised by Senator Biodun Olujinmi, the Minority Leader of the Senate.
Olujinmi told her colleagues that it was dangerous to allow just two people in the NNPC, the Group Managing Director and the Executive Director in charge of Finance, as the sole controllers of huge subsidy fund.
She recalled that the NNPC had been requested several timesto submit subsidy budget to the National Assembly for consideration and approval.
Olujimi said: “I need to bring this issue to the attention of the Senate.
“The NNPC is operating an illegal fund on subsidy.
“As a Senate, we are the true representatives of the people.
“We cannot sit back and allow this to continue to happen.
“I am bringing this to the attention of the Senate so that we can look at the issue.
“Let the various committees, especially the Senate Committee on Petroleum (Downstream), look into this issue.
“Let them investigate and tell us what the position on ground is.”
However, there was mild drama between Senator KabirMarafa and Senator Ali Ndume over which committee should investigate the allegation.
The drama between the two northern Senators started when the President of the Senate, Dr. Abubakar Bukola Saraki, in his ruling mandated the Senate Leader, Ahmed Lawan, and Marafa, the Chairman of the Senate Committee on Downstream, to summon those in the NNPC who are responsible and “come back to us in four days on a report that we can all debate”.
But Ndume, the former Leader of the Senate, raised objection on the resolution, alleging that the Senate Committee on Downstream, led by Marafa, might have been compromised.
Infuriated by the submission of Ndume, Marafa, who came through point of order, kicked against the allegation.
Citing other order 53, after the resolution, Marafa said: “I have no problem if we are even asked the committee of downstream to step aside totally or if it is the wish of the committee of selection that is responsible for appointing the various committees, that the committee of downstream be dissolved today.
“I have no problem with that.
“I equally have no offence with the submission of Senator Ali Ndume.
“But I have serious exception when he said that the committee compromised.
“Let it be on record that this Senate split the committee into two of public accounts to look into this issue of subsidy, while the downstream sector was given the responsibility of looking into the volumes on this same matter.
“For somebody to come out and say, with due respect, that I am managing subsidy programme, that is incorrect.
“Let all these committees, including the ones held by some people before now, be subjected to scrutiny.
“I have no problem with that.
“But for this Senate to now leave another ad hoc committee to look into the issue of subsidy, it’s like some people are looking for campaign money and I don’t think that’s the best way to get it.”
Saraki asked Marafa to apologise for using offensive words, which he did.
Ndume also apologised to his colleague but insisted he only retorted the words of another senator.
At the end of the debate, the lawmakers agreed to set up an ad-hoc committee to look into the matter.

Subsidy Recovery Fund | Senate to investigate $3.8 billion budget

NNPC Denies Alleged Mismanagement Of Subsidy Recovery Fund

7:11

Fisheries Economics & Policy: Subsidies and Taxes

Fisheries Economics & Policy: Subsidies and Taxes

Fisheries Economics & Policy: Subsidies and Taxes

This video is a part of Conservation Strategy Fund's collection of environmental economic lessons and was made possible thanks to the support of the Gordon and Betty Moore Foundation and the Marcia BradyTuckerFoundation. This series is for individuals who want to learn - or review - the basic economics of conservation. This video looks at subsidies and taxes in the fishery industry and how it effects the fisherman's incentives. The Fisheries Economics & Policy series will cover management strategies to preserve fishing in the long term and will include concepts such as open access, common pool resources, tragedy of the commons, maximum economic yield, taxes and subsidies, reducing effort, territorial use rights, transferable quotas and externalities.
To follow this series, subscribe to our YouTube channel. For more information on these and other trainings from Conservation Strategy Fund, check out: http://www.conservation-strategy.org/
For copyright information on all sound effects, see http://www.conservation-strategy.org/en/page/csf-economic-video-lessons-sound-references

THE SENATE IS SET TO COMMENCE INVESTIGATION INTO A $3.5 BILLION BUDGET RECOVERY FUND ALLEGEDLY SPENT BY THE NIGERIA NATIONAL PETROLEUM CORPORATION (NNPC) WITHOUT APPROVAL.
THE UPPER CHAMBER RESOLVED TO SET UP AN ADHOC COMMITTEE TO INVESTIGATE SUBSIDY RECOVERY FUND BEING MANAGED BY THE NIGERIAN NATIONAL PETROLEUM CORPORATION.

35:54

Public Housing Operating Fund Subsidy

Public Housing Operating Fund Subsidy

Public Housing Operating Fund Subsidy

This presentation covers the 2014 Public Housing Operating Fund program funding process. An overview will be provided of the guidance notice, "Public Housing Operating Subsidy Eligibility Calculations for Calendar Year 2014." Additionally, an description of highlights and changes to the funding data collection process will be discussed.
Agenda:
I. Introduction and Overview of Presentation
II. Highlights of Processing Notice for 2014
III. 2014 Operating Fund Subsidy Process

The Special Adviser to PresidentMuhammadu Buhari on Media and Publicity, Femi Adesina has faulted recent claims made by the opposition Peoples Democratic Party (PDP) against the All Progressives Congress, APC-led government. The PDP’s National Publicity Secretary, Kola Ologbondiyan had, in a statement on Sunday accused President Buhari of corruption over the fuel subsidy regime of his government. The party also asked the President to submit himself for an independent inquest into his handling of the N1.4 trillion oil subsidy fund. Responding to the statement while being interviewed on Channels Television, Adesina said he would have questioned the sanity of Ologbondiyan if he hadn’t known him well enough following the allegations made. He stated that PDP after 16 years of presiding over the affairs of the country, “is playing it all wrong and it is crying wolf where there is none”. The presidential spokesman described the comments as laughable and ridiculous, adding that the allegations were alien to the government. “When you introduced this topic, you needed to have seen the laughter, the uproar that came from me. I laughed so much I almost tumbled from my chair because it is very ridiculous and laughable. “I looked at my friend and colleague Kola Ologboniyan speaking, if not that I know him well because we are tribesmen, by tribesmen I mean from the media constituency. If not that I have known him for some time, I would have said: “is codeine or tramadol at work? Because those allegations are simply ridiculous and laughable. DON'T MISS: Download DailyPost Android app and earn unlimited free Airtime “There are certain things that are characteristic of a government and by now, three years into this government, people know what is characteristic of the Muhammadu Buhari administration and all those things that came from the PDP spokesman are alien to this government, completely.”

3:49

Public Subsidy for a Convention Hotel?

Public Subsidy for a Convention Hotel?

Public Subsidy for a Convention Hotel?

Every city wants to host the biggest and best conventions and Salt Lake City may be next in line to go to great lengths to lure the business. A 1,000 room convention hotel would help capture more conventions says the Salt LakeConvention and Visitor's Bureau, but why should Utahn's subsidize it?
Here is the script to the video:
VOICE-OVER: Every city wants to host the biggest and best conventions and Salt Lake City may be next in line to go to great lengths to lure the business. A 1,000 room convention hotel would help capture more conventions says the Salt Lake Convention and Visitor's Bureau, but why should Utahn's subsidize it?
BOB FARRINGTON: "In Salt Lake City's case, while there's no decision made about how and where it might be done, I think, conceptually the fact that large complicated projects have some sort of public private participation in some way is not an unusual occurrence. In fact, for most projects that have been built in downtown Salt Lake City over the last 20 years, there is some element of public funding or public involvement."
VOICE-OVER: In a Salt Lake council meeting last August there was talk that the hotel itself would be privately funded and built and the public subsidy would be used to fund the hotel's public meeting space and parking garage. Bob Farrington, Salt Lake's Economic DevelopmentDirector says the free market could not fund an expensive project like this because without a public subsidy, the room rates would hover $350 per night.
FARRINGTON: "The cost to build it and room revenue that you can generate just are not matched. So I guess like in many things in life, while we might desire to have markets operate sort of totally efficiently that one isn't always the case. And I guess also, if every other community would sort of unilaterally disarm they we would maybe be on perhaps a little more level playing field then markets might work a little more rationally."
VOICE-OVER: RichRosaVice President of Operations at UtahHospitality who currently owns two hotels in Salt Lake City says this proposed hotel would not be financially viable.
RICHROSA: "The minute we bring a thousand rooms in here we now take this market into a different direction and all of a sudden we are now competing against a government business, it's got government written all over it, and they have to make their payments just like we have to make our payments. The bottom line is, it's not going to be financially viable eventually because if it was financially viable a company like mine or a company that could come from outside someplace would see that 'wow we need this big hotel in Salt Lake for this big convention center because all these conventions are going to come in'."
VOICE-OVER: Another concern of Mr. Rosa's is adding a 1000 room hotel to the Downtown market would cause the occupancy rate to drop even more.
ROSA: "Currently the market in Salt Lake for 2011 only ran 65.3% for downtown and the airport. So you combine that and they're talking about 70% to make it financially viable and with bringing 1000 new rooms into the market it dilutes the market, occupancy has to drop overall. If the government partially funds some of this or all of it, it all comes down to falling down on the taxpayer."
VOICE-OVER: In the August council meeting, the favorable vote was to begin gathering more information and go forward with a request for proposal on the hotel. The RFP did go out, and a committee will meet on Friday, April 13, to review the responses. So what do you think? Should government get involved in the hotel business? Where do we draw the line? For Sutherland Institute, I'm AlexisYoung, reminding you that public policy changes lives.

4:21

subsidy business in india, subsidy business loan, subsidy business (By navjyoti dunia)

subsidy business in india, subsidy business loan, subsidy business (By navjyoti dunia)

subsidy business in india, subsidy business loan, subsidy business (By navjyoti dunia)

Drama as Ali Ndume, Marafa clash over $3.5 billion NNPC subsidy fund

There was mild drama on Tuesday in the Senate over the management of over $3.8 billion fuel subsidy fund by the Nigeria National Petroleum Corporation (NNPC).
Senators were at each others throat following accusations and counter accusations of alleged compromise in their line of duty.
There was also allegation of subterranean plot to source campaign funds from the oil behemoth.
Senate Minority Leader, Senator Biodun Olujimi, sparked the controversy when she raised the alarm over alleged mismanagement of huge subsidy fund.
Olujimi (EkitiSouth) told her colleagues that it was dangerous to allow just two people in NNPC, the Group Managing Director (GMD) and the Executive Director in charge of Finance, as the sole controllers of huge subsidy fund.
The fund, she said, has been curiously ...

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published: 02 Jul 2018

FULL VIDEO : No Hidden $3.5bn Subsidy Fund, Says NNPC

The Nigerian National Petroleum Corporation (NNPC) has denied reports that it has in its custody $3.5bn Subsidy fund.
NNPC GroupGeneral Manager, Group Public AffairsDivision, Ndu Ughamadu, stated this in a statement on Tuesday.
His statement comes less than 24 hours after the Senate Adhoc Committee asked the corporation, the Ministry of Finance and other agencies to appear before it.
Mr Ughamadu explained that at the hit of the shortage of products supply at the close of last year, the National Assembly asked the NNPC to do everything possible to stem the hiccups.
He said the corporation initiated the move to raise a revolving fund of 1.05 billion dollars, since the corporation was, and still the sole importer and supplier of white products in the country.
He noted ever since, the f...

published: 02 Nov 2018

Drama as Senator alleges: $3.5b subsidy fund managed by two individuals at NNPC

There was mild drama on Tuesday in the Senate over the management of over $3.8 billion fuel subsidy fund by the Nigeria National Petroleum Corporation (NNPC).
Senators were at each others throat following accusations and counter accusations of alleged compromise in their line of duty.
There was also allegation of subterranean plot to source campaign funds from the oil behemoth.
Senate Minority Leader, Senator Biodun Olujimi, sparked the controversy when she raised the alarm over alleged mismanagement of huge subsidy fund.
Olujimi (EkitiSouth) told her colleagues that it was dangerous to allow just two people in NNPC, the Group Managing Director (GMD) and the Executive Director in charge of Finance, as the sole controllers of huge subsidy fund.
The fund, she said, has been curiously ...

published: 16 Oct 2018

subsidy fund (majaa drama)

$3.5 billion NNPC subsidy fund causes heated argument in Senate

The Senate on Tuesday began investigation into the alleged mismanagement of over $3.8 billion fuel subsidy fund by the Nigeria National Petroleum Corporation.
The Senate’s decision was sequel to a point of order raised by Senator Biodun Olujinmi, the Minority Leader of the Senate.
Olujinmi told her colleagues that it was dangerous to allow just two people in the NNPC, the Group Managing Director and the Executive Director in charge of Finance, as the sole controllers of huge subsidy fund.
She recalled that the NNPC had been requested several timesto submit subsidy budget to the National Assembly for consideration and approval.
Olujimi said: “I need to bring this issue to the attention of the Senate.
“The NNPC is operating an illegal fund on subsidy.
“As a Senate, we are the true represent...

published: 17 Oct 2018

Subsidy Recovery Fund | Senate to investigate $3.8 billion budget

NNPC Denies Alleged Mismanagement Of Subsidy Recovery Fund

published: 04 Nov 2018

Fisheries Economics & Policy: Subsidies and Taxes

This video is a part of Conservation Strategy Fund's collection of environmental economic lessons and was made possible thanks to the support of the Gordon and Betty Moore Foundation and the Marcia BradyTuckerFoundation. This series is for individuals who want to learn - or review - the basic economics of conservation. This video looks at subsidies and taxes in the fishery industry and how it effects the fisherman's incentives. The Fisheries Economics & Policy series will cover management strategies to preserve fishing in the long term and will include concepts such as open access, common pool resources, tragedy of the commons, maximum economic yield, taxes and subsidies, reducing effort, territorial use rights, transferable quotas and externalities.
To follow this series, subscribe ...

THE SENATE IS SET TO COMMENCE INVESTIGATION INTO A $3.5 BILLION BUDGET RECOVERY FUND ALLEGEDLY SPENT BY THE NIGERIA NATIONAL PETROLEUM CORPORATION (NNPC) WITHOUT APPROVAL.
THE UPPER CHAMBER RESOLVED TO SET UP AN ADHOC COMMITTEE TO INVESTIGATE SUBSIDY RECOVERY FUND BEING MANAGED BY THE NIGERIAN NATIONAL PETROLEUM CORPORATION.

published: 16 Oct 2018

Public Housing Operating Fund Subsidy

This presentation covers the 2014 Public Housing Operating Fund program funding process. An overview will be provided of the guidance notice, "Public Housing Operating Subsidy Eligibility Calculations for Calendar Year 2014." Additionally, an description of highlights and changes to the funding data collection process will be discussed.
Agenda:
I. Introduction and Overview of Presentation
II. Highlights of Processing Notice for 2014
III. 2014 Operating Fund Subsidy Process

Public Subsidy for a Convention Hotel?

Every city wants to host the biggest and best conventions and Salt Lake City may be next in line to go to great lengths to lure the business. A 1,000 room convention hotel would help capture more conventions says the Salt LakeConvention and Visitor's Bureau, but why should Utahn's subsidize it?
Here is the script to the video:
VOICE-OVER: Every city wants to host the biggest and best conventions and Salt Lake City may be next in line to go to great lengths to lure the business. A 1,000 room convention hotel would help capture more conventions says the Salt Lake Convention and Visitor's Bureau, but why should Utahn's subsidize it?
BOB FARRINGTON: "In Salt Lake City's case, while there's no decision made about how and where it might be done, I think, conceptually the fact that l...

published: 02 Apr 2012

subsidy business in india, subsidy business loan, subsidy business (By navjyoti dunia)

There was mild drama on Tuesday in the Senate over the management of over $3.8 billion fuel subsidy fund by the Nigeria National Petroleum Corporation (NNPC).
Senators were at each others throat following accusations and counter accusations of alleged compromise in their line of duty.
There was also allegation of subterranean plot to source campaign funds from the oil behemoth.
Senate Minority Leader, Senator Biodun Olujimi, sparked the controversy when she raised the alarm over alleged mismanagement of huge subsidy fund.
Olujimi (EkitiSouth) told her colleagues that it was dangerous to allow just two people in NNPC, the Group Managing Director (GMD) and the Executive Director in charge of Finance, as the sole controllers of huge subsidy fund.
The fund, she said, has been curiously renamed “Fuel Subsidy Under-Recovery Fund” for a purpose that has not been explained to Nigerians.
She recalled that NNPC has been severally requested to submit subsidy budget to the National Assembly for consideration and approval.

There was mild drama on Tuesday in the Senate over the management of over $3.8 billion fuel subsidy fund by the Nigeria National Petroleum Corporation (NNPC).
Senators were at each others throat following accusations and counter accusations of alleged compromise in their line of duty.
There was also allegation of subterranean plot to source campaign funds from the oil behemoth.
Senate Minority Leader, Senator Biodun Olujimi, sparked the controversy when she raised the alarm over alleged mismanagement of huge subsidy fund.
Olujimi (EkitiSouth) told her colleagues that it was dangerous to allow just two people in NNPC, the Group Managing Director (GMD) and the Executive Director in charge of Finance, as the sole controllers of huge subsidy fund.
The fund, she said, has been curiously renamed “Fuel Subsidy Under-Recovery Fund” for a purpose that has not been explained to Nigerians.
She recalled that NNPC has been severally requested to submit subsidy budget to the National Assembly for consideration and approval.

There was mild drama on Tuesday in the Senate over the management of over $3.8 billion fuel subsidy fund by the Nigeria National Petroleum Corporation (NNPC).
Senators were at each others throat following accusations and counter accusations of alleged compromise in their line of duty.
There was also allegation of subterranean plot to source campaign funds from the oil behemoth.
Senate Minority Leader, Senator Biodun Olujimi, sparked the controversy when she raised the alarm over alleged mismanagement of huge subsidy fund.
Olujimi (EkitiSouth) told her colleagues that it was dangerous to allow just two people in NNPC, the Group Managing Director (GMD) and the Executive Director in charge of Finance, as the sole controllers of huge subsidy fund.
The fund, she said, has been curiously renamed “Fuel Subsidy Under-Recovery Fund” for a purpose that has not been explained to Nigerians.
She recalled that NNPC has been severally requested to submit subsidy budget to the National Assembly for consideration and approval.

There was mild drama on Tuesday in the Senate over the management of over $3.8 billion fuel subsidy fund by the Nigeria National Petroleum Corporation (NNPC).
Senators were at each others throat following accusations and counter accusations of alleged compromise in their line of duty.
There was also allegation of subterranean plot to source campaign funds from the oil behemoth.
Senate Minority Leader, Senator Biodun Olujimi, sparked the controversy when she raised the alarm over alleged mismanagement of huge subsidy fund.
Olujimi (EkitiSouth) told her colleagues that it was dangerous to allow just two people in NNPC, the Group Managing Director (GMD) and the Executive Director in charge of Finance, as the sole controllers of huge subsidy fund.
The fund, she said, has been curiously renamed “Fuel Subsidy Under-Recovery Fund” for a purpose that has not been explained to Nigerians.
She recalled that NNPC has been severally requested to submit subsidy budget to the National Assembly for consideration and approval.

The Senate on Tuesday began investigation into the alleged mismanagement of over $3.8 billion fuel subsidy fund by the Nigeria National Petroleum Corporation.
The Senate’s decision was sequel to a point of order raised by Senator Biodun Olujinmi, the Minority Leader of the Senate.
Olujinmi told her colleagues that it was dangerous to allow just two people in the NNPC, the Group Managing Director and the Executive Director in charge of Finance, as the sole controllers of huge subsidy fund.
She recalled that the NNPC had been requested several timesto submit subsidy budget to the National Assembly for consideration and approval.
Olujimi said: “I need to bring this issue to the attention of the Senate.
“The NNPC is operating an illegal fund on subsidy.
“As a Senate, we are the true representatives of the people.
“We cannot sit back and allow this to continue to happen.
“I am bringing this to the attention of the Senate so that we can look at the issue.
“Let the various committees, especially the Senate Committee on Petroleum (Downstream), look into this issue.
“Let them investigate and tell us what the position on ground is.”
However, there was mild drama between Senator KabirMarafa and Senator Ali Ndume over which committee should investigate the allegation.
The drama between the two northern Senators started when the President of the Senate, Dr. Abubakar Bukola Saraki, in his ruling mandated the Senate Leader, Ahmed Lawan, and Marafa, the Chairman of the Senate Committee on Downstream, to summon those in the NNPC who are responsible and “come back to us in four days on a report that we can all debate”.
But Ndume, the former Leader of the Senate, raised objection on the resolution, alleging that the Senate Committee on Downstream, led by Marafa, might have been compromised.
Infuriated by the submission of Ndume, Marafa, who came through point of order, kicked against the allegation.
Citing other order 53, after the resolution, Marafa said: “I have no problem if we are even asked the committee of downstream to step aside totally or if it is the wish of the committee of selection that is responsible for appointing the various committees, that the committee of downstream be dissolved today.
“I have no problem with that.
“I equally have no offence with the submission of Senator Ali Ndume.
“But I have serious exception when he said that the committee compromised.
“Let it be on record that this Senate split the committee into two of public accounts to look into this issue of subsidy, while the downstream sector was given the responsibility of looking into the volumes on this same matter.
“For somebody to come out and say, with due respect, that I am managing subsidy programme, that is incorrect.
“Let all these committees, including the ones held by some people before now, be subjected to scrutiny.
“I have no problem with that.
“But for this Senate to now leave another ad hoc committee to look into the issue of subsidy, it’s like some people are looking for campaign money and I don’t think that’s the best way to get it.”
Saraki asked Marafa to apologise for using offensive words, which he did.
Ndume also apologised to his colleague but insisted he only retorted the words of another senator.
At the end of the debate, the lawmakers agreed to set up an ad-hoc committee to look into the matter.

The Senate on Tuesday began investigation into the alleged mismanagement of over $3.8 billion fuel subsidy fund by the Nigeria National Petroleum Corporation.
The Senate’s decision was sequel to a point of order raised by Senator Biodun Olujinmi, the Minority Leader of the Senate.
Olujinmi told her colleagues that it was dangerous to allow just two people in the NNPC, the Group Managing Director and the Executive Director in charge of Finance, as the sole controllers of huge subsidy fund.
She recalled that the NNPC had been requested several timesto submit subsidy budget to the National Assembly for consideration and approval.
Olujimi said: “I need to bring this issue to the attention of the Senate.
“The NNPC is operating an illegal fund on subsidy.
“As a Senate, we are the true representatives of the people.
“We cannot sit back and allow this to continue to happen.
“I am bringing this to the attention of the Senate so that we can look at the issue.
“Let the various committees, especially the Senate Committee on Petroleum (Downstream), look into this issue.
“Let them investigate and tell us what the position on ground is.”
However, there was mild drama between Senator KabirMarafa and Senator Ali Ndume over which committee should investigate the allegation.
The drama between the two northern Senators started when the President of the Senate, Dr. Abubakar Bukola Saraki, in his ruling mandated the Senate Leader, Ahmed Lawan, and Marafa, the Chairman of the Senate Committee on Downstream, to summon those in the NNPC who are responsible and “come back to us in four days on a report that we can all debate”.
But Ndume, the former Leader of the Senate, raised objection on the resolution, alleging that the Senate Committee on Downstream, led by Marafa, might have been compromised.
Infuriated by the submission of Ndume, Marafa, who came through point of order, kicked against the allegation.
Citing other order 53, after the resolution, Marafa said: “I have no problem if we are even asked the committee of downstream to step aside totally or if it is the wish of the committee of selection that is responsible for appointing the various committees, that the committee of downstream be dissolved today.
“I have no problem with that.
“I equally have no offence with the submission of Senator Ali Ndume.
“But I have serious exception when he said that the committee compromised.
“Let it be on record that this Senate split the committee into two of public accounts to look into this issue of subsidy, while the downstream sector was given the responsibility of looking into the volumes on this same matter.
“For somebody to come out and say, with due respect, that I am managing subsidy programme, that is incorrect.
“Let all these committees, including the ones held by some people before now, be subjected to scrutiny.
“I have no problem with that.
“But for this Senate to now leave another ad hoc committee to look into the issue of subsidy, it’s like some people are looking for campaign money and I don’t think that’s the best way to get it.”
Saraki asked Marafa to apologise for using offensive words, which he did.
Ndume also apologised to his colleague but insisted he only retorted the words of another senator.
At the end of the debate, the lawmakers agreed to set up an ad-hoc committee to look into the matter.

This video is a part of Conservation Strategy Fund's collection of environmental economic lessons and was made possible thanks to the support of the Gordon and Betty Moore Foundation and the Marcia BradyTuckerFoundation. This series is for individuals who want to learn - or review - the basic economics of conservation. This video looks at subsidies and taxes in the fishery industry and how it effects the fisherman's incentives. The Fisheries Economics & Policy series will cover management strategies to preserve fishing in the long term and will include concepts such as open access, common pool resources, tragedy of the commons, maximum economic yield, taxes and subsidies, reducing effort, territorial use rights, transferable quotas and externalities.
To follow this series, subscribe to our YouTube channel. For more information on these and other trainings from Conservation Strategy Fund, check out: http://www.conservation-strategy.org/
For copyright information on all sound effects, see http://www.conservation-strategy.org/en/page/csf-economic-video-lessons-sound-references

This video is a part of Conservation Strategy Fund's collection of environmental economic lessons and was made possible thanks to the support of the Gordon and Betty Moore Foundation and the Marcia BradyTuckerFoundation. This series is for individuals who want to learn - or review - the basic economics of conservation. This video looks at subsidies and taxes in the fishery industry and how it effects the fisherman's incentives. The Fisheries Economics & Policy series will cover management strategies to preserve fishing in the long term and will include concepts such as open access, common pool resources, tragedy of the commons, maximum economic yield, taxes and subsidies, reducing effort, territorial use rights, transferable quotas and externalities.
To follow this series, subscribe to our YouTube channel. For more information on these and other trainings from Conservation Strategy Fund, check out: http://www.conservation-strategy.org/
For copyright information on all sound effects, see http://www.conservation-strategy.org/en/page/csf-economic-video-lessons-sound-references

THE SENATE IS SET TO COMMENCE INVESTIGATION INTO A $3.5 BILLION BUDGET RECOVERY FUND ALLEGEDLY SPENT BY THE NIGERIA NATIONAL PETROLEUM CORPORATION (NNPC) WITHOUT APPROVAL.
THE UPPER CHAMBER RESOLVED TO SET UP AN ADHOC COMMITTEE TO INVESTIGATE SUBSIDY RECOVERY FUND BEING MANAGED BY THE NIGERIAN NATIONAL PETROLEUM CORPORATION.

THE SENATE IS SET TO COMMENCE INVESTIGATION INTO A $3.5 BILLION BUDGET RECOVERY FUND ALLEGEDLY SPENT BY THE NIGERIA NATIONAL PETROLEUM CORPORATION (NNPC) WITHOUT APPROVAL.
THE UPPER CHAMBER RESOLVED TO SET UP AN ADHOC COMMITTEE TO INVESTIGATE SUBSIDY RECOVERY FUND BEING MANAGED BY THE NIGERIAN NATIONAL PETROLEUM CORPORATION.

Public Housing Operating Fund Subsidy

This presentation covers the 2014 Public Housing Operating Fund program funding process. An overview will be provided of the guidance notice, "Public Housing Op...

This presentation covers the 2014 Public Housing Operating Fund program funding process. An overview will be provided of the guidance notice, "Public Housing Operating Subsidy Eligibility Calculations for Calendar Year 2014." Additionally, an description of highlights and changes to the funding data collection process will be discussed.
Agenda:
I. Introduction and Overview of Presentation
II. Highlights of Processing Notice for 2014
III. 2014 Operating Fund Subsidy Process

This presentation covers the 2014 Public Housing Operating Fund program funding process. An overview will be provided of the guidance notice, "Public Housing Operating Subsidy Eligibility Calculations for Calendar Year 2014." Additionally, an description of highlights and changes to the funding data collection process will be discussed.
Agenda:
I. Introduction and Overview of Presentation
II. Highlights of Processing Notice for 2014
III. 2014 Operating Fund Subsidy Process

The Special Adviser to PresidentMuhammadu Buhari on Media and Publicity, Femi Adesina has faulted recent claims made by the opposition Peoples Democratic Party (PDP) against the All Progressives Congress, APC-led government. The PDP’s National Publicity Secretary, Kola Ologbondiyan had, in a statement on Sunday accused President Buhari of corruption over the fuel subsidy regime of his government. The party also asked the President to submit himself for an independent inquest into his handling of the N1.4 trillion oil subsidy fund. Responding to the statement while being interviewed on Channels Television, Adesina said he would have questioned the sanity of Ologbondiyan if he hadn’t known him well enough following the allegations made. He stated that PDP after 16 years of presiding over the affairs of the country, “is playing it all wrong and it is crying wolf where there is none”. The presidential spokesman described the comments as laughable and ridiculous, adding that the allegations were alien to the government. “When you introduced this topic, you needed to have seen the laughter, the uproar that came from me. I laughed so much I almost tumbled from my chair because it is very ridiculous and laughable. “I looked at my friend and colleague Kola Ologboniyan speaking, if not that I know him well because we are tribesmen, by tribesmen I mean from the media constituency. If not that I have known him for some time, I would have said: “is codeine or tramadol at work? Because those allegations are simply ridiculous and laughable. DON'T MISS: Download DailyPost Android app and earn unlimited free Airtime “There are certain things that are characteristic of a government and by now, three years into this government, people know what is characteristic of the Muhammadu Buhari administration and all those things that came from the PDP spokesman are alien to this government, completely.”

The Special Adviser to PresidentMuhammadu Buhari on Media and Publicity, Femi Adesina has faulted recent claims made by the opposition Peoples Democratic Party (PDP) against the All Progressives Congress, APC-led government. The PDP’s National Publicity Secretary, Kola Ologbondiyan had, in a statement on Sunday accused President Buhari of corruption over the fuel subsidy regime of his government. The party also asked the President to submit himself for an independent inquest into his handling of the N1.4 trillion oil subsidy fund. Responding to the statement while being interviewed on Channels Television, Adesina said he would have questioned the sanity of Ologbondiyan if he hadn’t known him well enough following the allegations made. He stated that PDP after 16 years of presiding over the affairs of the country, “is playing it all wrong and it is crying wolf where there is none”. The presidential spokesman described the comments as laughable and ridiculous, adding that the allegations were alien to the government. “When you introduced this topic, you needed to have seen the laughter, the uproar that came from me. I laughed so much I almost tumbled from my chair because it is very ridiculous and laughable. “I looked at my friend and colleague Kola Ologboniyan speaking, if not that I know him well because we are tribesmen, by tribesmen I mean from the media constituency. If not that I have known him for some time, I would have said: “is codeine or tramadol at work? Because those allegations are simply ridiculous and laughable. DON'T MISS: Download DailyPost Android app and earn unlimited free Airtime “There are certain things that are characteristic of a government and by now, three years into this government, people know what is characteristic of the Muhammadu Buhari administration and all those things that came from the PDP spokesman are alien to this government, completely.”

Public Subsidy for a Convention Hotel?

Every city wants to host the biggest and best conventions and Salt Lake City may be next in line to go to great lengths to lure the business. A 1,000 room conv...

Every city wants to host the biggest and best conventions and Salt Lake City may be next in line to go to great lengths to lure the business. A 1,000 room convention hotel would help capture more conventions says the Salt LakeConvention and Visitor's Bureau, but why should Utahn's subsidize it?
Here is the script to the video:
VOICE-OVER: Every city wants to host the biggest and best conventions and Salt Lake City may be next in line to go to great lengths to lure the business. A 1,000 room convention hotel would help capture more conventions says the Salt Lake Convention and Visitor's Bureau, but why should Utahn's subsidize it?
BOB FARRINGTON: "In Salt Lake City's case, while there's no decision made about how and where it might be done, I think, conceptually the fact that large complicated projects have some sort of public private participation in some way is not an unusual occurrence. In fact, for most projects that have been built in downtown Salt Lake City over the last 20 years, there is some element of public funding or public involvement."
VOICE-OVER: In a Salt Lake council meeting last August there was talk that the hotel itself would be privately funded and built and the public subsidy would be used to fund the hotel's public meeting space and parking garage. Bob Farrington, Salt Lake's Economic DevelopmentDirector says the free market could not fund an expensive project like this because without a public subsidy, the room rates would hover $350 per night.
FARRINGTON: "The cost to build it and room revenue that you can generate just are not matched. So I guess like in many things in life, while we might desire to have markets operate sort of totally efficiently that one isn't always the case. And I guess also, if every other community would sort of unilaterally disarm they we would maybe be on perhaps a little more level playing field then markets might work a little more rationally."
VOICE-OVER: RichRosaVice President of Operations at UtahHospitality who currently owns two hotels in Salt Lake City says this proposed hotel would not be financially viable.
RICHROSA: "The minute we bring a thousand rooms in here we now take this market into a different direction and all of a sudden we are now competing against a government business, it's got government written all over it, and they have to make their payments just like we have to make our payments. The bottom line is, it's not going to be financially viable eventually because if it was financially viable a company like mine or a company that could come from outside someplace would see that 'wow we need this big hotel in Salt Lake for this big convention center because all these conventions are going to come in'."
VOICE-OVER: Another concern of Mr. Rosa's is adding a 1000 room hotel to the Downtown market would cause the occupancy rate to drop even more.
ROSA: "Currently the market in Salt Lake for 2011 only ran 65.3% for downtown and the airport. So you combine that and they're talking about 70% to make it financially viable and with bringing 1000 new rooms into the market it dilutes the market, occupancy has to drop overall. If the government partially funds some of this or all of it, it all comes down to falling down on the taxpayer."
VOICE-OVER: In the August council meeting, the favorable vote was to begin gathering more information and go forward with a request for proposal on the hotel. The RFP did go out, and a committee will meet on Friday, April 13, to review the responses. So what do you think? Should government get involved in the hotel business? Where do we draw the line? For Sutherland Institute, I'm AlexisYoung, reminding you that public policy changes lives.

Every city wants to host the biggest and best conventions and Salt Lake City may be next in line to go to great lengths to lure the business. A 1,000 room convention hotel would help capture more conventions says the Salt LakeConvention and Visitor's Bureau, but why should Utahn's subsidize it?
Here is the script to the video:
VOICE-OVER: Every city wants to host the biggest and best conventions and Salt Lake City may be next in line to go to great lengths to lure the business. A 1,000 room convention hotel would help capture more conventions says the Salt Lake Convention and Visitor's Bureau, but why should Utahn's subsidize it?
BOB FARRINGTON: "In Salt Lake City's case, while there's no decision made about how and where it might be done, I think, conceptually the fact that large complicated projects have some sort of public private participation in some way is not an unusual occurrence. In fact, for most projects that have been built in downtown Salt Lake City over the last 20 years, there is some element of public funding or public involvement."
VOICE-OVER: In a Salt Lake council meeting last August there was talk that the hotel itself would be privately funded and built and the public subsidy would be used to fund the hotel's public meeting space and parking garage. Bob Farrington, Salt Lake's Economic DevelopmentDirector says the free market could not fund an expensive project like this because without a public subsidy, the room rates would hover $350 per night.
FARRINGTON: "The cost to build it and room revenue that you can generate just are not matched. So I guess like in many things in life, while we might desire to have markets operate sort of totally efficiently that one isn't always the case. And I guess also, if every other community would sort of unilaterally disarm they we would maybe be on perhaps a little more level playing field then markets might work a little more rationally."
VOICE-OVER: RichRosaVice President of Operations at UtahHospitality who currently owns two hotels in Salt Lake City says this proposed hotel would not be financially viable.
RICHROSA: "The minute we bring a thousand rooms in here we now take this market into a different direction and all of a sudden we are now competing against a government business, it's got government written all over it, and they have to make their payments just like we have to make our payments. The bottom line is, it's not going to be financially viable eventually because if it was financially viable a company like mine or a company that could come from outside someplace would see that 'wow we need this big hotel in Salt Lake for this big convention center because all these conventions are going to come in'."
VOICE-OVER: Another concern of Mr. Rosa's is adding a 1000 room hotel to the Downtown market would cause the occupancy rate to drop even more.
ROSA: "Currently the market in Salt Lake for 2011 only ran 65.3% for downtown and the airport. So you combine that and they're talking about 70% to make it financially viable and with bringing 1000 new rooms into the market it dilutes the market, occupancy has to drop overall. If the government partially funds some of this or all of it, it all comes down to falling down on the taxpayer."
VOICE-OVER: In the August council meeting, the favorable vote was to begin gathering more information and go forward with a request for proposal on the hotel. The RFP did go out, and a committee will meet on Friday, April 13, to review the responses. So what do you think? Should government get involved in the hotel business? Where do we draw the line? For Sutherland Institute, I'm AlexisYoung, reminding you that public policy changes lives.

Drama as Ali Ndume, Marafa clash over $3.5 billion NNPC subsidy fund

There was mild drama on Tuesday in the Senate over the management of over $3.8 billion fuel subsidy fund by the Nigeria National Petroleum Corporation (NNPC).
Senators were at each others throat following accusations and counter accusations of alleged compromise in their line of duty.
There was also allegation of subterranean plot to source campaign funds from the oil behemoth.
Senate Minority Leader, Senator Biodun Olujimi, sparked the controversy when she raised the alarm over alleged mismanagement of huge subsidy fund.
Olujimi (EkitiSouth) told her colleagues that it was dangerous to allow just two people in NNPC, the Group Managing Director (GMD) and the Executive Director in charge of Finance, as the sole controllers of huge subsidy fund.
The fund, she said, has been curiously renamed “Fuel Subsidy Under-Recovery Fund” for a purpose that has not been explained to Nigerians.
She recalled that NNPC has been severally requested to submit subsidy budget to the National Assembly for consideration and approval.

Drama as Senator alleges: $3.5b subsidy fund managed by two individuals at NNPC

There was mild drama on Tuesday in the Senate over the management of over $3.8 billion fuel subsidy fund by the Nigeria National Petroleum Corporation (NNPC).
Senators were at each others throat following accusations and counter accusations of alleged compromise in their line of duty.
There was also allegation of subterranean plot to source campaign funds from the oil behemoth.
Senate Minority Leader, Senator Biodun Olujimi, sparked the controversy when she raised the alarm over alleged mismanagement of huge subsidy fund.
Olujimi (EkitiSouth) told her colleagues that it was dangerous to allow just two people in NNPC, the Group Managing Director (GMD) and the Executive Director in charge of Finance, as the sole controllers of huge subsidy fund.
The fund, she said, has been curiously renamed “Fuel Subsidy Under-Recovery Fund” for a purpose that has not been explained to Nigerians.
She recalled that NNPC has been severally requested to submit subsidy budget to the National Assembly for consideration and approval.

$3.5 billion NNPC subsidy fund causes heated argument in Senate

The Senate on Tuesday began investigation into the alleged mismanagement of over $3.8 billion fuel subsidy fund by the Nigeria National Petroleum Corporation.
The Senate’s decision was sequel to a point of order raised by Senator Biodun Olujinmi, the Minority Leader of the Senate.
Olujinmi told her colleagues that it was dangerous to allow just two people in the NNPC, the Group Managing Director and the Executive Director in charge of Finance, as the sole controllers of huge subsidy fund.
She recalled that the NNPC had been requested several timesto submit subsidy budget to the National Assembly for consideration and approval.
Olujimi said: “I need to bring this issue to the attention of the Senate.
“The NNPC is operating an illegal fund on subsidy.
“As a Senate, we are the true representatives of the people.
“We cannot sit back and allow this to continue to happen.
“I am bringing this to the attention of the Senate so that we can look at the issue.
“Let the various committees, especially the Senate Committee on Petroleum (Downstream), look into this issue.
“Let them investigate and tell us what the position on ground is.”
However, there was mild drama between Senator KabirMarafa and Senator Ali Ndume over which committee should investigate the allegation.
The drama between the two northern Senators started when the President of the Senate, Dr. Abubakar Bukola Saraki, in his ruling mandated the Senate Leader, Ahmed Lawan, and Marafa, the Chairman of the Senate Committee on Downstream, to summon those in the NNPC who are responsible and “come back to us in four days on a report that we can all debate”.
But Ndume, the former Leader of the Senate, raised objection on the resolution, alleging that the Senate Committee on Downstream, led by Marafa, might have been compromised.
Infuriated by the submission of Ndume, Marafa, who came through point of order, kicked against the allegation.
Citing other order 53, after the resolution, Marafa said: “I have no problem if we are even asked the committee of downstream to step aside totally or if it is the wish of the committee of selection that is responsible for appointing the various committees, that the committee of downstream be dissolved today.
“I have no problem with that.
“I equally have no offence with the submission of Senator Ali Ndume.
“But I have serious exception when he said that the committee compromised.
“Let it be on record that this Senate split the committee into two of public accounts to look into this issue of subsidy, while the downstream sector was given the responsibility of looking into the volumes on this same matter.
“For somebody to come out and say, with due respect, that I am managing subsidy programme, that is incorrect.
“Let all these committees, including the ones held by some people before now, be subjected to scrutiny.
“I have no problem with that.
“But for this Senate to now leave another ad hoc committee to look into the issue of subsidy, it’s like some people are looking for campaign money and I don’t think that’s the best way to get it.”
Saraki asked Marafa to apologise for using offensive words, which he did.
Ndume also apologised to his colleague but insisted he only retorted the words of another senator.
At the end of the debate, the lawmakers agreed to set up an ad-hoc committee to look into the matter.

Fisheries Economics & Policy: Subsidies and Taxes

This video is a part of Conservation Strategy Fund's collection of environmental economic lessons and was made possible thanks to the support of the Gordon and Betty Moore Foundation and the Marcia BradyTuckerFoundation. This series is for individuals who want to learn - or review - the basic economics of conservation. This video looks at subsidies and taxes in the fishery industry and how it effects the fisherman's incentives. The Fisheries Economics & Policy series will cover management strategies to preserve fishing in the long term and will include concepts such as open access, common pool resources, tragedy of the commons, maximum economic yield, taxes and subsidies, reducing effort, territorial use rights, transferable quotas and externalities.
To follow this series, subscribe to our YouTube channel. For more information on these and other trainings from Conservation Strategy Fund, check out: http://www.conservation-strategy.org/
For copyright information on all sound effects, see http://www.conservation-strategy.org/en/page/csf-economic-video-lessons-sound-references

THE SENATE IS SET TO COMMENCE INVESTIGATION INTO A $3.5 BILLION BUDGET RECOVERY FUND ALLEGEDLY SPENT BY THE NIGERIA NATIONAL PETROLEUM CORPORATION (NNPC) WITHOUT APPROVAL.
THE UPPER CHAMBER RESOLVED TO SET UP AN ADHOC COMMITTEE TO INVESTIGATE SUBSIDY RECOVERY FUND BEING MANAGED BY THE NIGERIAN NATIONAL PETROLEUM CORPORATION.

Public Housing Operating Fund Subsidy

This presentation covers the 2014 Public Housing Operating Fund program funding process. An overview will be provided of the guidance notice, "Public Housing Operating Subsidy Eligibility Calculations for Calendar Year 2014." Additionally, an description of highlights and changes to the funding data collection process will be discussed.
Agenda:
I. Introduction and Overview of Presentation
II. Highlights of Processing Notice for 2014
III. 2014 Operating Fund Subsidy Process

The Special Adviser to PresidentMuhammadu Buhari on Media and Publicity, Femi Adesina has faulted recent claims made by the opposition Peoples Democratic Party (PDP) against the All Progressives Congress, APC-led government. The PDP’s National Publicity Secretary, Kola Ologbondiyan had, in a statement on Sunday accused President Buhari of corruption over the fuel subsidy regime of his government. The party also asked the President to submit himself for an independent inquest into his handling of the N1.4 trillion oil subsidy fund. Responding to the statement while being interviewed on Channels Television, Adesina said he would have questioned the sanity of Ologbondiyan if he hadn’t known him well enough following the allegations made. He stated that PDP after 16 years of presiding over the affairs of the country, “is playing it all wrong and it is crying wolf where there is none”. The presidential spokesman described the comments as laughable and ridiculous, adding that the allegations were alien to the government. “When you introduced this topic, you needed to have seen the laughter, the uproar that came from me. I laughed so much I almost tumbled from my chair because it is very ridiculous and laughable. “I looked at my friend and colleague Kola Ologboniyan speaking, if not that I know him well because we are tribesmen, by tribesmen I mean from the media constituency. If not that I have known him for some time, I would have said: “is codeine or tramadol at work? Because those allegations are simply ridiculous and laughable. DON'T MISS: Download DailyPost Android app and earn unlimited free Airtime “There are certain things that are characteristic of a government and by now, three years into this government, people know what is characteristic of the Muhammadu Buhari administration and all those things that came from the PDP spokesman are alien to this government, completely.”

Public Subsidy for a Convention Hotel?

Every city wants to host the biggest and best conventions and Salt Lake City may be next in line to go to great lengths to lure the business. A 1,000 room convention hotel would help capture more conventions says the Salt LakeConvention and Visitor's Bureau, but why should Utahn's subsidize it?
Here is the script to the video:
VOICE-OVER: Every city wants to host the biggest and best conventions and Salt Lake City may be next in line to go to great lengths to lure the business. A 1,000 room convention hotel would help capture more conventions says the Salt Lake Convention and Visitor's Bureau, but why should Utahn's subsidize it?
BOB FARRINGTON: "In Salt Lake City's case, while there's no decision made about how and where it might be done, I think, conceptually the fact that large complicated projects have some sort of public private participation in some way is not an unusual occurrence. In fact, for most projects that have been built in downtown Salt Lake City over the last 20 years, there is some element of public funding or public involvement."
VOICE-OVER: In a Salt Lake council meeting last August there was talk that the hotel itself would be privately funded and built and the public subsidy would be used to fund the hotel's public meeting space and parking garage. Bob Farrington, Salt Lake's Economic DevelopmentDirector says the free market could not fund an expensive project like this because without a public subsidy, the room rates would hover $350 per night.
FARRINGTON: "The cost to build it and room revenue that you can generate just are not matched. So I guess like in many things in life, while we might desire to have markets operate sort of totally efficiently that one isn't always the case. And I guess also, if every other community would sort of unilaterally disarm they we would maybe be on perhaps a little more level playing field then markets might work a little more rationally."
VOICE-OVER: RichRosaVice President of Operations at UtahHospitality who currently owns two hotels in Salt Lake City says this proposed hotel would not be financially viable.
RICHROSA: "The minute we bring a thousand rooms in here we now take this market into a different direction and all of a sudden we are now competing against a government business, it's got government written all over it, and they have to make their payments just like we have to make our payments. The bottom line is, it's not going to be financially viable eventually because if it was financially viable a company like mine or a company that could come from outside someplace would see that 'wow we need this big hotel in Salt Lake for this big convention center because all these conventions are going to come in'."
VOICE-OVER: Another concern of Mr. Rosa's is adding a 1000 room hotel to the Downtown market would cause the occupancy rate to drop even more.
ROSA: "Currently the market in Salt Lake for 2011 only ran 65.3% for downtown and the airport. So you combine that and they're talking about 70% to make it financially viable and with bringing 1000 new rooms into the market it dilutes the market, occupancy has to drop overall. If the government partially funds some of this or all of it, it all comes down to falling down on the taxpayer."
VOICE-OVER: In the August council meeting, the favorable vote was to begin gathering more information and go forward with a request for proposal on the hotel. The RFP did go out, and a committee will meet on Friday, April 13, to review the responses. So what do you think? Should government get involved in the hotel business? Where do we draw the line? For Sutherland Institute, I'm AlexisYoung, reminding you that public policy changes lives.